Fund performance: IVP, Contour lead eclectic venture portfolio for NY LP

Funds from IVP and Contour Venture Partners lead an eclectic portfolio of venture funds at the New York State & Local Retirement System.

The portfolio, with vintages of 2007 to 2015, favors smaller, early-stage funds, but also mixes in a fund of funds and two later-stage partnerships. No fund tops $750 million and only three of the 13 are greater than $400 million, according to data from Thomson Reuters.

About two-thirds of the funds pursue an early-stage investment strategy, including those from Tribeca Venture Partners, SoftBank Capital Partners and Ascent Biomedical Ventures.

Overall, the portfolio has mixed results. Almost half the funds are underwater, including three that are admittedly still in formative stages, according to a recent portfolio report. On the other hand, only two have multiples above 1.5x.

The top fund is Institutional Venture Partners XIII from 2010, which had an investment multiple of 1.69x as of March 2016, according to the report.

Close behind was Contour Venture Partners II-A from 2009, with a multiple of 1.63x, the report shows. Its performance improved substantially over the previous 12 months.

The fund of funds Performance Venture Capital II brought up third place with an investment multiple of 1.57x as of March 2016. Also keeping pace was Tribeca Venture Fund I, with a multiple of 1.56x, and Aisling Capital II, with a multiple of 1.55x.

The accompanying table lists the 13 funds with their commitments, distribution and multiples, as calculated by VCJ.